Life sciences BPO market surges with demand from pharmaceutical companies

As per statistics, the life sciences BPO market at the global scenario is expected to touch a gigantic valuation of US$286.3 bn by the end of 2023.

Due to the impending patent expiry, healthcare spending cuts, along with the decline in productive outcome of research and development, various pharmaceutical giants are seeking services from contract research organizations (CROs) and contract manufacturing organizations (CMOs) solutions. The effectiveness of life sciences BPO services enable pharmaceutical companies to optimally employ their available resources.

As per a recent report published by Transparency Market Research (TMR), the global life sciences BPO market is anticipated to reach a significant milestone evaluation of US$286.3 bn by 2023; this also points out a CAGR growth of 8.9% for this blooming sector.

The drying of pipeline drugs, research and development production decline, patent expiration of blockbuster drugs and mounting healthcare budget cuts might force pharmaceutical businesses to competently engage their limited resources via cost-effective means like outsourcing commercial manufacturing operations. This could bode well for the growth of the life sciences BPO market on the global canvas.

As per the geographical expanse, the prime market regions for the life sciences BPO market include North America, Asia Pacific, Europe, and Rest of the World. Among these, North America stood as the dominant segment in the market managing a share of 38.6% in 2014. The increasing group of geriatric patients along with the high prevalence of chronic ailments are viewed as the key factors encouraging opportunities for outsourcing in the North American pharmaceutical sector. Additionally, with the anticipation of healthcare spending to swell in the forthcoming years, North America is likely to demonstrate lucrative growth predictions for the life sciences BPO market.

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